Core Viewpoint - CATL has launched the world's first "sea and air integrated low-altitude economic solution," marking a significant breakthrough in extending low-altitude infrastructure to vast water areas, thus promoting the scale development of the low-altitude economy and opening new pathways for energy transition and industrial upgrading [1] Group 1: Company Developments - The "sea and air integrated low-altitude economic solution" combines a zero-carbon water airport with eVTOL aircraft, representing a practical implementation of CATL's vision for a "full-scale incremental era" in the new energy industry [1] - CATL's chairman, Zeng Yuqun, emphasized that the new energy industry is transitioning from "local breakthroughs" to "full-scale incremental growth," highlighting the need to expand usage scenarios for true incremental growth [1] Group 2: Industry Implications - This solution allows CATL's battery products to extend from passenger vehicles, commercial vehicles, and electric ships to the low-altitude aviation sector, creating a zero-carbon three-dimensional transportation ecosystem that covers land, sea, and air [1] - The continuous technological innovation and scenario expansion will synergize with CATL's businesses in power batteries, energy storage, and zero-carbon industries, collectively opening new growth spaces in the new energy sector [1]

Market Overview - The major indices experienced significant declines, with the Shanghai Composite Index down 3.90%, the Shenzhen Component down 5.13%, and the ChiNext Index down 6.15% during the week of November 17-21, 2025[6] - The average daily trading volume decreased to 1.87 trillion yuan, down from 2.04 trillion yuan the previous week[6] E-commerce in Southeast Asia - The e-commerce market in Southeast Asia is evolving towards a more mature and compliant structure, with a projected GMV of $128.4 billion in 2024, reflecting a 12% year-on-year growth[16] - Indonesia remains the largest market, accounting for 44% of the total GMV in Southeast Asia, although its growth rate slowed to 5% in 2024[17] - Content-driven e-commerce is emerging as a key growth driver, with live-streaming e-commerce expected to reach $17.6 billion in GMV, representing 14% of the total e-commerce market in the region[27] High-end Manufacturing: Power Batteries - Global demand for power batteries is expected to exceed 1 TWh in 2024, with electric vehicles contributing over 85% of this demand, reaching 950 GWh, a 25% increase year-on-year[29] - China's power battery production capacity is projected to grow by 41.49% in 2025, reaching 548.5 GWh, aligning closely with the sales of new energy vehicles[35] - The industry is transitioning from rapid expansion to a focus on quality and technological upgrades, driven by stricter regulations and self-discipline among leading companies[40] Hard Technology: Storage Prices - Storage prices are on the rise, with DDR4 and DDR5 prices increasing by 158% and 307% respectively since September 2025, leading to a contraction in transaction volumes[41] - The anticipated increase in smartphone and laptop costs due to rising storage prices is estimated to be around 5-7% in 2026, with potential impacts on demand[42] Health Sector: Small Nucleic Acids - The global market for RNAi therapies is projected to grow from $3.459 billion in 2024 to $25.195 billion by 2030, with a CAGR of 39.2%[49] - Over 20 small nucleic acid drugs have been approved globally, with nearly 170 projects in clinical stages, indicating a robust pipeline in oncology and chronic disease treatment[49]

Core Insights - The Aion UT Super, a jointly developed electric vehicle by JD.com, GAC Group, and CATL, has officially entered the mass delivery phase during the 2025 Guangzhou International Auto Show [1][6] - The vehicle is positioned as an A0-level electric car with a starting price of 49,900 yuan, featuring a rental purchase model as its main selling point [3][5] Group 1: Vehicle Launch and Delivery - The Aion UT Super was officially launched on November 9, 2025, and has begun its first batch of deliveries [1][3] - The delivery process has been synchronized across GAC Aion's nationwide stores and JD.com's service centers, indicating a collaborative online and offline sales network [1][5] Group 2: Purchase Policies and Incentives - A multi-faceted rights system has been introduced, including a starting price of 49,900 yuan, with potential subsidies reducing the cost by up to 4,000 yuan [5] - The battery rental fee is set at 499 yuan per month, currently discounted to 399 yuan, with additional benefits for JD Plus members [5] - GAC Group has committed to covering any potential purchase tax increases for customers who place orders by November 30, 2025, in case of delivery delays [5] Group 3: After-Sales and Service Network - Responsibilities for after-sales service and quality assurance have been clearly defined among the three parties, with GAC Aion handling vehicle quality and JD.com managing certain service aspects [5] - There are hundreds of dedicated delivery channels for the Aion UT Super across GAC Aion's experience stores, with a delivery time of 2 to 4 weeks after final payment [5] Group 4: Charging Infrastructure Development - As of November 2025, CATL has established 1,000 battery swap stations across 45 cities, with plans to expand to 2,500 stations in 140 cities by 2026 [6] - A new app feature for tracking station construction progress will be launched in December, along with a mileage package offering 1,000 kilometers for 50 yuan [6] - The delivery of the Aion UT Super is seen as a significant collaboration among internet companies, automakers, and battery suppliers, potentially influencing the resource integration model in the electric vehicle industry [6]

Core Viewpoint - The company Shuguang Co., Ltd. primarily collaborates with CATL for its new energy battery products in complete vehicles [2] Company Summary - Shuguang Co., Ltd. has confirmed its partnership with CATL for the supply of new energy batteries [2]

Industry Information - CATL and Haibosich signed a 10-year strategic cooperation agreement to enhance their advantages in energy storage technology and smart manufacturing [9] - The price of lithium iron phosphate has rebounded by approximately 10% since October, driven by strong demand from automakers and battery manufacturers [9] - A breakthrough in the certification and review technology system for domestic automotive chips has been achieved, addressing the challenges of "dare not use, cannot use" [9][10] - As of the end of October, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54% [11] - A total investment of nearly 10 billion yuan has been signed for 16 key projects in the new energy industry in Changzhou [12] - In the first ten months, Beijing's new energy vehicle production increased by 150% year-on-year [12] - The new AITO M7 has surpassed 30,000 deliveries within 57 days of its launch [12] - Guoxuan High-Tech has officially started mass production of standard battery cells [12] - Huawei's advanced driving solution for L3 level is set to launch commercially, marking a significant step in autonomous driving technology [12][14] - In Liuzhou, the total vehicle sales reached 1.265 million units in the first three quarters, a year-on-year increase of 33.7% [15] Policy Information - Hebei Province has adjusted its time-of-use electricity pricing policy, optimizing charging costs for electric vehicles with a peak-to-valley price difference of 70% [16][18] - Chengdu plans to build over 500,000 electric vehicle charging piles and more than 200 battery swap stations by 2030 [21] - New regulations for electric vehicle charging infrastructure in Guangxi have been proposed to clarify responsibilities among stakeholders [21] - Beijing is increasing financial support for the purchase of new energy vehicles [21] - Shenzhen is providing subsidies of up to 5 million yuan for the construction of solar-storage charging and battery swap projects [21] - The Ministry of Industry and Information Technology has announced mandatory national standards for intelligent connected vehicle safety, marking a key step in autonomous driving regulation [21][25] - The Ministry of Finance and the Ministry of Industry and Information Technology are seeking public opinions on government procurement standards for new energy vehicles [21][26] Company Information - Leap Motor reported a total revenue of 31.562 billion yuan in Q3, a year-on-year increase of 9.1% [32] - Leap Motor achieved a net profit of 150 million yuan in Q3, delivering 173,900 vehicles [32] - Xiaomi's Ultra Club racing service has expanded to its 13th city, adding the Guangdong International Circuit [32] - Xiaomi's HAD autonomous driving system is set to upgrade to a new generation XLA architecture in Q4 [32] - Avita Technology signed a business cooperation framework agreement with the Chongqing branch of the Industrial and Commercial Bank of China [32] - NIO's Firefly right-hand drive model has entered mass production, with the first batch shipping to Singapore [34] - NIO has completed the battery swap route in the western Sichuan region, covering popular tourist areas [34] - BYD's sales in the UK have surpassed 50,000 units [34] - Leap Motor's first overseas model cooperation project with FAW has been launched, expected to go into production next year [34] - Xiaopeng Motors plans to launch seven new models next year, including three super electric range-extended products in Q1 [34] - Seres is actively expanding into overseas markets, focusing on high-end smart electric vehicles [34] - Xiaomi's third-quarter profit from electric vehicles and AI reached 700 million yuan [34] - GAC Aion has become the first company in the country to obtain a high-speed L3 testing license for vehicles in collaboration with Huawei [34] - NIO's ES6 model has reached a cumulative delivery of 300,000 units [34] - Geely and Renault have officially launched their strategic cooperation in Brazil, investing 3.8 billion reais (approximately 5.1 billion yuan) [34] - Xiaomi is expected to complete its annual delivery target of 350,000 vehicles ahead of schedule [34] - Tesla's global supercharging stations have exceeded 75,000 [34] - Xiaomi's 500,000th vehicle has officially rolled off the production line, marking a significant milestone [34] - Li Auto is accelerating product iteration and global expansion, moving away from a "cookie-cutter" design approach [34]

Group 1 - The core viewpoint of the article is that Shuguang Co., Ltd. (600303.SH) collaborates with CATL for its new energy vehicle battery products [1] Group 2 - The company has confirmed its partnership with CATL on the battery supply for its complete vehicle products [1]

Core Viewpoint - The recent inquiry by Huang Shilin, co-founder and third-largest shareholder of CATL, to transfer 1% of his shares has drawn significant market attention, highlighting the "inquiry transfer" method of share reduction, which allows for a substantial cash-out without causing severe stock price fluctuations [1] Group 1: Inquiry Transfer Mechanism - Huang Shilin plans to transfer 45.6324 million shares at an estimated price of 376.12 yuan per share, potentially cashing out nearly 17.2 billion yuan, setting a new record for inquiry transfers in the A-share market [1] - Since the introduction of the inquiry transfer mechanism, 223 companies have completed 322 transactions, with a cumulative market value exceeding 170 billion yuan, and 147 companies have executed 162 transactions this year alone, amounting to 99.879 billion yuan [1] - The inquiry transfer mechanism was initially piloted on the Sci-Tech Innovation Board in 2020 to attract institutional funds for original shareholders' reductions, thereby mitigating the impact of large sell-offs on market stability [1] Group 2: Market Impact and Limitations - Following the announcement of Huang Shilin's share transfer, CATL's stock price only dropped by 2.76% on the next trading day, with subsequent declines of 3.3% and 1.48%, indicating that the inquiry transfer helped stabilize the stock price compared to traditional reduction methods [1] - Despite the positive reception of the inquiry transfer, it does not eliminate the underlying issue of share reductions in the A-share market, as it merely postpones the selling pressure due to a six-month lock-up period for the acquired shares [2] - To fundamentally address the challenges of share reductions, it is suggested to optimize the equity structure by limiting major shareholders' holdings to below 30% and controlling the total amount of locked shares to 50%, along with upgrading reduction rules to prevent selling under adverse conditions [2]

Core Insights - The "National Good Car" Aion UT Super, launched by CATL, JD.com, and GAC Group, has officially entered the delivery phase with the first batch of vehicles being delivered at the 2025 Guangzhou International Auto Show [1] Group 1: Vehicle Delivery and Features - The Aion UT Super integrates CATL's battery technology, JD.com's user insights, and GAC's manufacturing capabilities, featuring a battery rental price of 49,900 yuan and a range of 500 kilometers with a quick battery swap time of 99 seconds [1] - The delivery network for the "National Good Car" has been established, with the first vehicles being delivered through GAC's national-level stores and JD.com's service centers [1] Group 2: After-Sales and Delivery Process - GAC has clarified that all after-sales responsibilities lie with them, and users can expect to complete vehicle pickup within 2 to 4 weeks after paying the final payment [2] - GAC will fully subsidize the purchase tax for users who ordered by November 30 but experience delays in delivery due to production or transportation issues [2] Group 3: Battery Swap Network Expansion - By 2025, the "Chocolate Battery Swap" network aims to establish 1,000 swap stations across 45 cities, with a long-term goal of reaching 30,000 stations [2] - Users can access information about nearby swap stations through the Chocolate Battery Swap app or WeChat mini-program, with new features to track upcoming station openings [2] Group 4: User Experience Enhancements - JD.com and GAC have announced an upgrade to user benefits, including an exclusive rights package valued at 828 yuan for GAC's brand owners [3] - The "Chocolate Battery Swap" will introduce a mileage increment package for 50 yuan, allowing users to gain 1,000 kilometers, addressing diverse travel needs [3] - Plans for building battery swap stations on highways will prioritize regions such as the Yangtze River Delta and the Pearl River Delta to alleviate charging challenges for long-distance travel [3]

Core Insights - The launch of the Invesco Great Wall ChiNext 50 ETF Depository Receipts (DR) on the Thailand Stock Exchange marks the first time a Chinese A-share ETF has been listed in Thailand, indicating a significant step for Chinese core technology assets entering the Southeast Asian market [1][2] - The ChiNext 50 Index has been expanding internationally, having previously been listed on major European exchanges, and aims to enhance the internationalization of ChiNext products [2][3] Market Demand for Chinese Core Assets - There is a rapidly increasing demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [3] - The collaboration between Invesco and InnovestX, a leading Thai brokerage, facilitates direct trading of the ChiNext 50 Index for Thai investors [3] Rationale for Choosing ChiNext 50 Index - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for Thai investors looking to capture the benefits of China's technological advancements [4] - Familiarity with leading companies like CATL among Thai investors enhances trust in the new ChiNext 50 ETF DR product [4] Performance and Liquidity of ChiNext 50 Index - The ChiNext 50 Index has shown strong performance, with a cumulative increase of 56.49% as of November 18, outperforming other broad-based indices [5][6] - The index consists of the 50 largest and most actively traded companies on the ChiNext, providing excellent liquidity and making it an ideal target for long-term and large-scale investments [5] Earnings Performance of Index Constituents - The earnings performance of the ChiNext 50 Index constituents has been robust, with an average revenue growth rate of 21.07% and a net profit growth rate of 16.63% reported in the mid-year results [7] - The top ten weighted stocks in the index have shown even more impressive growth, with an average revenue growth of 48.93% and a net profit growth of 82.03% [7] Industry Composition of ChiNext 50 Index - The ChiNext 50 Index is characterized by a high concentration of technology-focused companies, excluding traditional cyclical industries, and primarily includes firms in new energy vehicles, biomedicine, electronics, photovoltaic, and internet finance [8][9] - The index's top three weighted industries are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [8] Global Integration and Competitive Advantage - The ChiNext aims to support innovative enterprises in sectors with international competitiveness, thereby enhancing the global value chain [9] - In 2024, the ChiNext 50 Index's overseas business revenue accounted for 35.17% of total revenue, indicating a strong international presence compared to other major indices [9]

Investment Rating - The industry is rated as "Outperform" compared to the market [2]. Core Views - The demand for energy storage lithium batteries is strong, and the prices of lithium battery materials are rising moderately [6]. - In October 2025, domestic battery production reached 170.6 GWh, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [6][2]. - The production of lithium iron phosphate (LFP) cathode materials in October 2025 was 266,900 tons, up 45.92% year-on-year and 8.36% month-on-month, with a capacity utilization rate of 63.54% [6][2]. - The prices of key raw materials have generally increased, with industrial-grade lithium carbonate exceeding 92,400 yuan/ton, a weekly increase of 10.13% [7][2]. - The monthly loading volume of LFP batteries in October 2025 was 67.5 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 8.52% [15][2]. - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, a year-on-year increase of 79.63% [21][2]. Summary by Sections Production - In the first ten months of 2025, domestic battery and LFP cathode material production significantly exceeded the same period in 2024 [6][2]. Prices - The prices of lithium battery raw materials have generally risen, with LFP prices at 38,100 yuan/ton and lithium hexafluorophosphate prices reaching 160,000 yuan/ton [7][2]. Domestic Demand - The monthly loading volume of LFP batteries reached a record high in October 2025, indicating strong domestic demand [15][2]. Overseas Demand - The global sales of new energy vehicles reached 2.1078 million units in September 2025, reflecting a year-on-year growth of 23.53% [21][2].